F1 driver Charles Leclerc “trusts” both Ferrari (NYSE:RACE) and the FIA to keep everything above board and says for him the 2019 engine saga is “done”.
Last season rivals questioned the legality of Ferrari’s power unit.
They wrote to the FIA querying the engine’s fuel flow system, resulting in 2 Technical Directives being issued.
Ferrari went from topping the speed traps to losing pace down the straights.
This led to upstart Max Verstappen blatantly accusing the Italian team of “cheating”, however, at no stage was there any definitive proof of this.
Earlier this year the FIA reached a private agreement with Ferrari regarding the power unit, angering rival teams who want the full story.
Led by MercedesAMG, who has since declared a truce with Ferrari, the 7 non-Ferrari powered teams wrote to the FIA threatening legal action unless there is full disclosure.
Mr. Leclerc was asked about it in the build-up to the Australian GP weekend and says he feels the matter is closed.
“I fully trust my team, that is for sure,” Mr. Leclerc told the press.
“I trust the FIA for making sure everything was OK.
“For me, it is finished. I look to the future.”
Mr. Leclerc added that it is “completely understandable” that the FIA is not releasing the details as that would mean laying the workings of the Ferrari power unit out for all their rivals to see.
“They should trust the FIA for doing their work,” he said.
“I think it is completely understandable that they do not explain absolutely everything because there is a lot of work also for us on all the parts.
“If you make all of this public, then you make all the work that the team has done public. This is, for me, understandable.“
HeffX-LTN overall technical outlook for RACE is Neutral to Bearish, there is Key resistance 167.54 and support is NIL, 2 of my Key indicators have turned Very Bullish as the stock is very oversold in here.
Ferrari finished at 134.05, or -2.56 Wednesday in NY, and shares were raised to Buy from Hold at HSBC.
Ferrari will continue to create value in the long term. Ferrari is a quality 1st long term luxury products investment, and I have called it at it at 200+/share long term, adjusting it to 200/share short term and siding with BAML to 230 long term for now.
Have a healthy day.